https://www.taxtmi.com/caselaws?id=62021 The Tribunal upheld the first appellate authority's decisions on all grounds, dismissing both the revenue's appeal and the assessee's cross-objection. The disallowance of interest payments on borrowed funds for various investments was overturned, with the Tribunal recognizing the business purposes behind the investments in subsidiary companies, land property, car advance, and loans to charitable organizations. Additionally, the deduction under section 80-I for sea-food products manufactured in IQF plants was allowed, emphasizing the unique and advanced nature of the processing involved, which resulted in a commercially different product. en-us Wed, 03 Jul 2002 00:00:00 +0530 Mon, 17 Jan 2011 17:08:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62021 The Tribunal upheld the first appellate authority's decisions on all grounds, dismissing both the revenue's appeal and the assessee's cross-objection. The disallowance of interest payments on borrowed funds for various investments was overturned, with the Tribunal recognizing the business purposes behind the investments in subsidiary companies, land property, car advance, and loans to charitable organizations. Additionally, the deduction under section 80-I for sea-food products manufactured in IQF plants was allowed, emphasizing the unique and advanced nature of the processing involved, which resulted in a commercially different product. Case-Laws Income Tax Wed, 03 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62021